Lenders with low interest rates

[Astrid Ortiz]

Im trying to buy my first home but the interest rates are not helpful right now. Does someone know of lenders that will offer lower interest rates for a buyer with excellent credit.

[Ryan Lesley]

Hey Astrid, 

Yes you can buy down on FHA loans and even VA loans as well. The only restriction being that on federally funded programs, like FHA loans, that temporary buydowns (2/1 buydown) are only allowed on fixed rate mortgages and NOT on refinances and ARM (Adjustable Rate Mortgages). However, you can still do a permanent buy down on both a refinance and ARM. In my last reply I told you about 2/1 buydowns (temporary) and a straightforward permanent buydown, where buying down your interest rate by 1% is costs 1% of the loan amount. 

I've attached a FAQ sheet I found about 2/1 buy downs, as well as a screenshot from an article that I found outlining when a 2/1 buydown CAN'T be used. 

The good news is this is all something a lender will help you navigate, so be sure to speak with one and let them know what you're looking to do 😊

2/1 Buydown FAQ's

source: https://www.rocketmortgage.com...

hope this cleared things up 😊